Export Credit Insurance and Guarantee Service

The SEP’s coverage since launching the guarantee activities in September 2003 until the end of 2007 totaled more than SR. 2 billion for 45 guarantee policies, and the actual exports covered by such policies totaled approximately SR. 1760 million.
In 2007, the SEP signed 8 guarantee policies in total amount of nearly SR. 282.77 million, out of which 6 policies were signed for comprehensive export guarantee, as the table below shows :

( SR. Million )

Policy No.	Policy Holder's Name	Value of the Policy (projected Exports)	Number of Importers	Involved Countries
7 / 128	National Manufacturing Company for Marketing Petrochemical	203.25	13	UAE, Oman, Jordan, and Syria
7 / 129	Touk Al-Yamama Establishment for Commercial Services	4.50	1	Tunisia
7 / 130	Riyadh Food Factory	3.75	4	Syria, Kuwait, Bahrain. and Jordan
7 / 131	Numerah Air Compressors Factory	3.08	6	Emirates, Qatar, Bahrain. and Jordan
7 / 132	Al-Sarae Carpets Factory	25.20	23	Oman, Qatar, Kuwait, Pakistan, Turkey, Jordan, taly, Cyprus, Yemen, Nepal, and Bulgaria
7 / 133	Al-Wasael Company for Agricultural Irrigation Systems	17.25	4	UK, Portugal, Morocco, and Lebanon
Total		257.03	51

In addition to 2 documentary credits guarantee policies, as illustrated by table below :

( SR. Million )

Policy No	Policy Holder's Name	Value of the Policy (projected Exports)	Country of Importer	Guaranteed Bank
7 / 3008	Touk Al-Yamama Establishment forCommercial Services	18.75	Ethiopia	Ethiopian Commercial Bank
7 / 3009	Al-Mutalq Company for Metal Industries	6.99	Sudan	Omdurman National Bank
Total		25.74

The SEP concluded cooperation agreements with some local banks, the first agreement was signed with Al-Jazerah Bank, while the second one was with Riyad Bank and two more agreements will be signed with the Commercial National Bank and Al Rajhi Bank. The goal of these agreements is to provide guarantees for pre - and post-shipment financing guarantees to enforce documentary credits and to deepen cooperation in the exchange of credit information.
With the SEP’s growing experience in the guarantee activities, the Program’s coverage participation with the French Coface Company was amended in the beginning of 2007 to increase the share of SEP from 10% to 20%, leaving 80% instead of 90% share to COFACE. As a result, the guarantee premium rate was changed to become 48% for the SEP, including marketing and sales commissions, and 52% for the company. The Table below shows the policies issued by the SEP until the end of 2007 .

Export Guarantee and Credit Insurance Services

( SR. Million )

Year	Number of Policies	Number of Working Policies	Projected Exports	Actual Exports
2003	4	4	25.59	1.98
2004	9	13	221.61	42.33
2005	12	25	405.24	203.59
2006	15	39	1973.62	715.25
2007	8	45	2172.01	1760.24

The Graph below shows the policies issued
by the SEP until the end of 2007